When Joshua's income increases, he purchases more prime-rib dinners than he did before his income increased. For Joshua, prime-rib dinners are a(n)
a. normal good.
b. inferior good.
c. optimal good.
d. Giffen good.
a
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Consider the market for wheat. If there is an improvement in harvesting technology,
A) the demand curve for wheat shifts rightward. B) the demand curve for wheat shifts leftward. C) there is a movement up along the demand curve. D) the supply curve for wheat shifts rightward. E) the equilibrium price rises.
The marginal social cost of production is the
A) marginal private cost plus the marginal external cost. B) same as the marginal cost of any externality. C) total cost of any externality. D) marginal private cost minus the marginal external cost.
A rightward shift in the supply curve is called:
a. a decrease in supply. b. an increase in consumption. c. an increase in supply. d. an decrease in income.
Increasing government spending is a contractionary Keynesian economic policy.
Answer the following statement true (T) or false (F)